InSearchOf

Well I planned to be part of this thread, and everything go pushed out, but the good thing is I got acceptance from the lender on a short sale I buying and since it is vacant, they are letting me move in tomorrow for rent free until closing (2 weeks from now)... So come on August closers thread! Late

about 4hrs with my broker... Late

That is probably something you would have to discuss with your bank. Since the lender change was out of your control and its not like your refinancing, they should be able to credit you the fees for a period of time, but like I said it is 100% up to the bank. Late

Reserves are just liquid assests that are readily available in the off chance of a short-term financial hardship. These funds would be there to cover the mortgage during that period. Yes, if they are requiring you have reserves, they MAY (most likely will) require bank, 401k, CD, etc statements to show as proof of these assests. Late

Congrats! Give me about a week so and hopefully I will be replying with my own closing date! Late

You math is a little off :-) Conventional loan at 5% on a 250k home would require 12.5k Late

Wait, so are you asking how much is require or how much you should? USDA Loans (for rural areas) is in most cases 0% VA in most cases is 0% FHA 3.5% minimum Conv. 5% minimum Note, the %'s above do not include closing costs. Late

Looks like you got your answer on ficoforums... but yea I agree call the # they specified and get that *B'd off Late

It all depends on the type of loan you are getting, Conventional, VA, FHA, USDA, etc. Post post the type of loan you are looking at, there are probably multiple mentions of the requirements on this forum. Late

So we got the approval today... well the SEMI approval. The bank accepted... but now it needs to go to VA for them to approve the short sale price. They have a "full appraisal" scheduled for this Monday, so I'm thinking the results will be back within 3-5 business days. But once VA approves it, I would assume it needs to land back in GMAC's lap for the completion of the file and we should have an accepted offer. The only things is I hope they come back accepting the closing costs :-X Late

The bank does not have the right to check your (the buyers) credit. They base the acceptance off of the properties Appraisals and/or BPO's and the Sellers Hardship Letter/verification of actual hardship. Late

Well that is very good to know that it is even remotely possible... new getting my d@mn Realtor to call the d@mn selling agent to get on the ball with d@mn bank approving the short sale. I hate being in the dark! I just want to know what is going on! Late

Thanks Tom! Hopefully I can post my success story in the "July Closers" thread Also, I'm being told by my mortgage broker that all he will need is 10 days (I would assume 2 working weeks) to seal the deal? Does this in anyway seem possible? He stated that the day I get the mortgage app in his hands the the 10 day clock will start to tick Thanks again in advance

I found this forum googling the required credit score to get a ashley furniture card and ever since then, I am HOOKED! I check this forum multiple times a day for the last 2-3weeks and finally registered about 15min ago, now just waiting for my first post to be approved! Late

Hi All! I see this type question pop up often so I thought I would join in the fun! My broker tells me 2-3 times a week that I will be fine and I will be approved, but I one of those people that believe nothing is in stone until it is in stone. So here we go! 0 Baddies no BK's -as of April/May of 2008, all paid off and only 2 are still showing on my report and should disappear due to SOL 9/10 and 10/10 DTI 24/43 -Backend is high due to child support and 26k auto loan with HORRIBLE interest rate 93k/yr Salary -Best selling point 647 ex 627 tu 647 eq - Should raise up another few points once my one credit card reports my balance assuming Scores around 680's $199,900 w/ 7k down - 7k down would basically be taping me out when it comes to my savings, I may be left over with approx 2-3k (to be used for furniture, unless I finance) First Premier 350/30 CapitalOne 500/40 Walmart 600/0 - CL/BAL Add Info, 7k and 26k auto loan, 7k student loan... So, how does this look? promising? I'm think that with my high DTI they will want me to refinance my auto loan. Thanks ahead of time!